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Category Archives: Risky Lending
A new sheriff in town
From the Ithaca Journal: Schumer: ‘Liar loans’ could cost many in Upstate their homes More than 50,000 Upstate New York families are in danger of losing their homes because unscrupulous lenders sold them “liar loans” offering low mortgage payments that … Continue reading
Posted in Risky Lending
7 Comments
Close to financial ruin
From the NY Times: Behind Foreclosures, Ruined Credit and Hopes After Franklin Abazie fell behind on his mortgage last year, he tucked one of his foreclosure notices, still in its ripped envelope, into the visor of his car — a … Continue reading
Posted in New Jersey Real Estate, Risky Lending
76 Comments
Record foreclosures in NYC neighborhoods
From the NY Daily News: Set up for a fall In some areas of South Jamaica and Bedford-Stuyvesant, as many as 10 homes per block faced foreclosure last year. The reason: subprime mortgages offered by unscrupulous real estate brokers and … Continue reading
Posted in Risky Lending
1 Comment
Lobbyist: Don’t take the punchbowl away
From the Record: Lobbyist: Don’t get too tough on subprime woes E. Robert Levy, the mortgage industry’s top lobbyist in New Jersey, has been talking lately about the need to simplify disclosures given to consumers on the terms and conditions … Continue reading
Posted in Risky Lending
2 Comments
Is the decline over or just beginning?
From NJBIZ (Great site if you aren’t already a visitor):
Posted in New Jersey Real Estate, Risky Lending
35 Comments
Subprime deals “falling apart”
From Newsday: Not prime time to buy Bay Shore resident Thomas Vitti is getting over the threshold just under the wire: If he and his wife don’t close on their new home in Islip Terrace by the end of the … Continue reading
Posted in Risky Lending
72 Comments
2007 foreclosures expected to be up 33%
From BusinessWeek: The Forecast for Foreclosures Michele Johnson is no stranger to desperate phone calls, but lately they’ve become an even more regular occurrence. Johnson, who is chief executive of the Consumer Credit Counseling Service of Southern Nevada & Utah, … Continue reading
Posted in Risky Lending
6 Comments
Foreclosures rapidly rising
From the Philly Inquirer: Subprime loans start inflicting pain By now, you’ve likely heard that mortgage delinquency and foreclosure rates are rising rapidly. Fourth-quarter 2006 statistics from the Mortgage Bankers Association of America show an increase of 57 basis points … Continue reading
Posted in Risky Lending
2 Comments
Will Subprime Self-regulate?
From the St. Louis Post Dispatch: Reform, not rescue As homeowners by the millions fall behind on their subprime mortgages, cries for a government bailout are starting to echo through Washington. That would be a very bad idea. It would … Continue reading
Posted in Risky Lending
7 Comments
What to do when foreclosure is looming?
From USA Today: Foreclosure hurts long after home’s gone, so cut a deal while you can If you’re lying awake at night, fretting about whether you’ll lose your house to foreclosure, you may not be the only insomniac on your … Continue reading
Posted in National Real Estate, Risky Lending
5 Comments
Down payments in style again
From Bloomberg: Subprime Loan Meltdown Engulfs Even Borrowers With Good Credit The subprime credit crunch is beginning to ensnare even borrowers with good credit. Lenders are increasingly refusing to lend to homebuyers who can’t make a down payment of more … Continue reading
Posted in Risky Lending
104 Comments
Let the finger pointing begin!
From Bloomberg: Government Is `Here to Help’ Subprime Borrowers By Caroline Baum Congress is making noises about doing something to help homeowners who can’t meet their mortgage payments hold on to their slice of the American Dream. … As a … Continue reading
Posted in National Real Estate, Risky Lending
143 Comments
Is it different in Manhattan?
From the NY Observer: Foreclosure Doomsday? Not in Manhattan By Tom Acitelli If you’ve been reading the real-estate pages in the newspapers lately, you could be forgiven for drawing the conclusion that a national wave of foreclosures looms as the … Continue reading
Posted in Risky Lending
4 Comments
Liar liar
From CNN/Money: ‘Liar loans’: Mortgage woes beyond subprime By Chris Isidore Subprime mortgages have been generating a lot of attention, and worry, among investors, economists and regulators, but those loans may be only part of the threat posed to the … Continue reading
Posted in Risky Lending
Comments Off on Liar liar
High cost of borrowing (cont)
Three more pieces from the APP series examining lending in NJ: Subprime loans not “easy money” BY JASON METHOD Mortgage lenders have flexibility in competing BY JASON METHOD Federal data indicate minorities at risk for higher interest BY JASON METHOD
Posted in Risky Lending
Comments Off on High cost of borrowing (cont)